Defaulting Buyer Clause Samples

Defaulting Buyer. Subject to Section 15.1(b), any Buyer that (a) has failed to (i) fund all or any portion of its Transactions within two (2) Business Days of the date such Transactions were required to be funded hereunder unless such Buyer notifies the Administrative Agent and the Seller in writing that such failure is the result of such Buyer’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, the Swing Line Provider or any other Buyer any other amount required to be paid by it hereunder (including in respect of its reimbursement of Swing Line Transactions) within two (2) Business Days of the date when due, (b) has notified the Seller, the Administrative Agent or the Swing Line Provider in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Buyer’s obligation to fund a Transaction hereunder and states that such position is based on such Buyer’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three (3) Business Days after written request by the Administrative Agent or the Seller, to confirm in writing to the Administrative Agent and the Seller that it will comply with its prospective funding obligations hereunder (provided, that, such Buyer shall cease to be a Defaulting Buyer pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Seller), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of an Insolvency Event, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity, or (iii) become the subject of a Bail-In Action; provided, that, a Buyer shall not be a Defaulting Buyer solely by virtue of the ownership or acquisition of any Equity Interest in that Buyer or any direct or indirect parent company...